Biocompatible 3D Printing Materials Market - Forecasts from 2018 to 2023

The biocompatible 3D printing materials market is expected to grow at a CAGR of 26.15% over the forecast period of 2017- 2023. The growth of this market is majorly attributed to the growth of healthcare industry worldwide. Huge investments being funneled by major healthcare providers into new technologies, which can aid them in delivering enhanced patient care, is increasing the adoption of biocompatible 3D printing materials for use in various applications such as implants, prostheses, tissue engineering, and hearing aids among others. Rapid growth of medical tourism in many regions across the globe is another major factor driving the market growth. Number of medical tourists globally has gone up to more than 10.5 million and this number is increasing at an impressive rate as the governments continue to extend their support to this sector. For instance, besides offering fiscal incentives for the development of medical tourism in India, the government of India is implementing various strategies to strengthen the Indian medical tourism industry. The government funds road shows, focusing on medical tourism, at various locations around the globe from time to time. Growth of medical tourism is pushing the healthcare providers at key destinations to adopt state-of-the-art technologies in order to offer highest levels of patient satisfaction. This is increasing the adoption of various products manufactured using biocompatible 3D printing materials, thus boosting the growth of the market.

By type, the biocompatible 3D printing materials market has been segmented as plastic and metal. Plastic holds a significantly large share in this market on account of widespread adoption of this material by various healthcare solution manufacturers. Various 3D printing processes have been in trend, which are compatible with plastics. Metals are anticipated to show a good growth over the projected period. The growth of metals will majorly be driven by growing adoption of biocompatible metal-based 3D printed solutions in industries like automotive and aerospace. Investments into research and development by many solution manufacturers will further fuel the adoption of this material, thus driving the market growth.

Based on application, the biocompatible 3D printing materials market has been segmented into medical, automotive and aerospace. Medical applications hold the largest share in this market. Rapid growth of global healthcare industry and impressive growth of medical tourism in many regions across the globe are driving the growth of this market in this application. The market for these materials in aerospace and automotive applications can be expected to pick up pace over the projected period on account of huge investments by industry players into research and development.

Geographically, the biocompatible 3D printing materials market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America and Europe hold a significantly large share in this market on account of flourishing industries like healthcare, automotive and aerospace in these regions. State-of-the-art research facilities in these regions and investments by various industry players into new technologies are further supporting the growth of the market. The market in Asia Pacific is anticipated to show a rapid growth over the forecast period. The growth will majorly be attributed to rapidly growing medical tourism in many countries in this region. India, for instance, is one of the top 10 destinations for medical tourism. Increasing investments by key players in healthcare, aerospace and automotive industry in this sector will also contribute to the market growth in this region over the projected period.

Major industry players profiled as part of the report are Prodways Group, EnvisionTEC, Stratasys Ltd., NextDent B.V., 3D Systems, Inc., Rapid Processing Solutions Inc., Formlabs, Inc. and SCHIVO Group.

Segmentation

The biocompatible 3D printing materials market is segmented by type, 3D printing process, application and geography.

By Type

Plastic
Metal

By 3D Printing Process

Stereolithography (SLA)
Digital Light Processing (DLP)
Material Jetting
Fused Deposition Modeling (FDM)
Direct Metal Laser Sintering (DMLS)
Selective Laser Melting (SLM)

By Application

Medical
Automotive
Aerospace

By Geography

North America

US
Canada
Mexico
Others

South America
Brazil
Argentina
Others

Europe
UK
Germany
France
Italy
Others

Middle East and Africa
Saudi Arabia
UAE
Israel
Others

Asia Pacific
China
India
Japan
Australia
Others